GKN’s £638m acquisition welcomed

The sale, for about £638m, will bolster the UK aerospace industry’s position as the biggest in Europe, said Business Secretary Vince Cable.

He added: “This is good news for the UK aerospace sector and I welcome the fact that a UK company has the confidence to pursue a takeover of this scale. This builds on the already impressive range of capabilities that GKN has.

“Our aerospace sector, which employs 100,000 people, is world class and through deals such as this continues to bolster its position as Europe’s largest.”

Ian Waddell, national officer of the Unite union, said: “The company has set itself a target to be the world’s best engineering company. This bold acquisition demonstrates that ambition and is proof that UK aerospace is a world leader.

“Aerospace is a huge success story for the UK, generating billions of pounds of export revenues every year.”